(from bubhub article hereFamilies and the budget in brief:
- Family Tax B’s eligibility threshold will be reduced from $150,000 to $100,000 from July 1, 2015
- Family Tax B will no longer be paid to families once their youngest child turns six (reduced from 16).
- Low-income single parents will continue to receive assistance with a new supplement of $750 a year for each child aged between 6 and 12.
- Family Tax Benefit A end-of-year supplement will be reduced to $600 (from $726.35).
- Family Tax Benefit B end-of-year supplement will be reduced to $300 (from $354.05).
- Tax Benefit A’s maximum income threshold is capped at $94,316 (from $150,000).
- The new Paid Parental Leave scheme - to come into affect on July 1, 2015, has been reduced from a $150,000 income threshold cap to $100,000.
- Changes to payments will not come into affect until July 2015 but rates will be frozen until then.
- School Kids Bonus scrapped
- Only families with four or more children will be eligible for the big families supplement worth $313.90 for each child.
- Petrol prices will jump as the twice annual indexation of fuel excise will be introduced from August 1.
- You’ll have to pay a $7 fee each time you visit the doctor, get an x-ray or MRI etc. Concession card holders and children under 16 only have to pay for the first 10 visits a year.
- Prescription medicine will cost an extra $5 (or 80c for concession card holders).
So - how will you be affected? Will it cause financial distress for you? or will you be able to fit those changes into your current budget/lifestyle?